Category Archives: Audit

Secretarial Audit – Dimensions and Deliverables – Book

By | February 25, 2017

Secretarial Audit – Dimensions and Deliverables by CCH A Wolters Kluwer  The Companies Act, 2013 introduced the concept of Secretarial Audit for bigger companies, with effect from April 1, 2014. Secretarial Audit gives necessary comfort to the stakeholders that the affairs of the company are being managed in accordance with the statutory requirements. Further, it… Read More »

How Auditor should do documentation to safeguard himself -Book -Evidence Your Audit

By | February 11, 2017

Evidence Your Audit- An Exhaustive Guide to Audit Documentation by Khurshed Noshir Pastakia The publication on Audit Documentation focusses on “How the Auditor should do the documentation to safeguard himself”. Documentation is a double-edged sword. If what is documented evidences that the audit was planned and performed to meet the standards on auditing, it can sturdily… Read More »

Exposure Draft of Revised SA 720- The Auditor’s Responsibilities Relating to Other Information

By | January 6, 2017

Exposure Draft of Revised SA 720, “The Auditor’s Responsibilities Relating to Other Information” for Comments Scope of this SA 1. This Standard on Auditing (SA) deals with the auditor’s responsibilities relating to other information, whether financial or non-financial information (other than financial statements and the auditor’s report thereon), included in an entity’s annual report. An… Read More »

Free Download Guidance Note on Audit of Consolidated Financial Statements (Revised 2016)

By | October 18, 2016

Guidance Note on Audit of Consolidated Financial Statements (Revised 2016) The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India, in 2003, had issued the Guidance Note on Audit of Consolidated Financial Statements to provide guidance to the members undertaking audits of consolidated financial statements. Since the issuance of this Guidance… Read More »

Concurrent Audit of Banks Checklist

By | June 2, 2016

Concurrent Audit of Banks – Checklist To carry the concurrent audit assignment successfully, it is necessary for auditor to familiarize himself with following: Compliance of RBI Guidelines relating to Concurrent Audit System in Commercial Banks Submission of Long Form Audit Report (LFAR) by Concurrent Auditors Concurrent Auditors to submit  NPA review reports (Specimen of the Review Report) Scope… Read More »

6 New / Revised Standards on Auditing by ICAI

By | May 18, 2016

 New / Revised Standards on Auditing Revised SA 700, Forming an Opinion and Reporting on Financial Statements. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent… Read More »

Finacle commands for Bank Audit

By | April 4, 2016

Finacle commands Selective Finacle menu options / Finacle commands for your ready reference.Few commands vary from Bank to Bank but most of them are common to all Banks using Finacle as their as their CBS application SL COMMANDS/MENUS Function of the Finacle Menu 1. AALI A/c Abnormal Limits/Details Inquiry 2. ABMR Report of Accounts Below… Read More »

Forensic Audit

By | July 27, 2015

Forensic Audit   Introduction With the growing complexity of business environment and other complex issues of financial market, cases of scams and financial irregularities are on a spree. None the less, these scams are highly affecting the Indian business environment and thus act as a key factor for downgrading the Indian economy. Subsequently the number of… Read More »